The Pound Sterling advances to 1.2540 on Monday due to multiple tailwinds. The GBP/USD pair recovered sharply from 50% Fibonacci retracement (plotted from April 22 low of 1.2299 to May 3 high of 1.2634) near 1.2470. The Cable remains sticky to the 20-day Exponential Moving Average (EMA), which trades around 1.2520, suggesting a sideways trend.
The pair is still below the neckline of the Head and Shoulder (H&S) chart pattern formed on a daily timeframe. On April 12, the Cable fell sharply after breaking below the neckline of the H&S pattern plotted from December 8 low around 1.2500.
The 14-period Relative Strength Index (RSI) oscillates in the 40.00-60.00 range, suggesting indecisiveness among market participants
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